I like the idea of having rep privs taken away.
However I dislike the idea of people getting rep to give every 24 hrs. Reason being, it means that if they have not given the rep to someone that they think deserves it in a day, they will not let it go to waste and will throw it randomly at someone.
My opinion would be to make rep valuable by only giving the ability to give rep to a person after they make so many, such as 10, valuable posts. Valuable posts would be, for example, posts that have a character count greater than 175. With such a high character counts, it means that only posts with actual content and not just opinions will count towards a givable rep. You cannot accumulate givable rep points, the most you can hold at one time in one, and after use, you require to post the ten valuable posts again before voting again. These are the type of people that deserve to make judgement on the rep/karma level of other users.
I understand that this would be a good bit of work required for the powers, but you prob could get this already made from another community who use karma. If ye cant, as fun as it is, I recommend just removing the system.